FXGM Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

FXGM Review

FXGM Review

 

WHAT IS FXGM?

 

According to research in South Africa, FXGM is a brand name of Depaho Ltd, a Cypriot investment firm founded in 2011. Its headquarters are in the city of Nicosia, Cyprus.

FXGM is a European online trading brokerage firm that serves multiple entities. It is regulated and overseen by CySEC in reverse providing its clients with integrated trading conditions and guaranteed transparency.

FXGM has proved itself since operations started and is seen as reliable and regarded a reputable broker by the international traders and industry communities.

Moreover, FXGM always strives to improve its trading technology and offering, therefore went beyond through the establishment of a branch in South Africa.

In its offering, you will find a wide variety of trading tools and services, with a great array of services suitable either for beginning investors or professionals.

The instrument range includes most popular Forex and CFD products on shares, commodities and indices. FXGM has developed its customer service at a high level, so you can always count on it for support.

 

SAFE OR SCAM?

 

FXGM is a tradename used by the company Depaho Ltd registered in Cyprus and regulated by the local CySEC. Cyprus being a part of the EU therefore complies with its regulation with European MiFID that establishes standardized financial investment services to the public.

FXGM also serves a branch in Spain which is registered with a local CNMV, so the trading and brokerage service is compliant to the necessary laws, protecting clients and bringing you a trustable environment.

Secondly FXGM is authorized by South Africa FSP so the broker gains effective exposure and presence in additional markets together with a strict follow of customer protection, due to regulations.

Being regulated by several authorities worldwide means the broker is working closely with the best concepts of trading operations ensuring its clients with safety procedures.

The numerous regulatory rules cover all aspect on how the trading environment is established, money operated, client treated, as well as covered by the compensations in case of insolvency.  This ensures you as trader the confidence in trading with a reliable firm

 

FXGM REVIEW OF PRO AND CONS

 

PROS CONS
1. Choice of trading platforms 1. High spreads
2. CySEC regulation 2. No demo accounts
3. Website is user friendly and easy to use 3. Previous fines by regulator
4. Offers 6 account plans which means there is something to suit all budgets 4. For first time traders a minimum $200 limit might be a bit high
5. Few payments methods

 

LEVERAGE

 

The first thing to check while you need to know the maximum leverage ratio is under which entity you will be trading. FXGM operates through various jurisdictions and complies with its regulatory restrictions.

European clients may access the maximum leverage of 1:30 for forex instruments, available for retail traders. While trading with South Africa branch traders will get higher ratios, as jurisdictions allow bigger leverage levels.

Nevertheless, the maximum leverage for professionals goes up to 1:200 respectively once the status is confirmed.

 

ACCOUNTS

 

FXGM defined various accounts either for retail traders or professionals. If you are a retail trader there are six account types where the first 10 trades are protected from loses, as a reward to get familiar with the software. T

The accounts are defined by the size and its offered package with higher discounts on prices. Likewise, professionals may access specified conditions along with higher leverage ratios and tailored solutions according to needs.

 

Basic Account

  • Account equity $200 – $1 999.
  • No trading central
  • No price discounts
  • No rollover discounts

 

Discovery Account

  • Account equity $2 000 – $4 999
  • No trading central
  • Price discount of 5%
  • Rollover discount of 5%

 

Silver Account

  • Account equity $5 000 – $9 999
  • Trading central
  • Price discount of 10%
  • Rollover discount of 10%

 

Gold Account

  • Account equity $10 000 – $14 999
  • Trading central
  • Price discount of 15%
  • Rollover discount 15%

 

Diamond Account

  • Account equity $15 000 -$29 999
  • Trading central
  • Price discount 20%
  • Roll over discount 20%

 

VIP Account

  • Account equity $30 000 – more
  • Trading central
  • Price discount 25%
  • Rollover discount 25%

 

MARKET INSTRUMENTS

 

FXGM offers instruments like forex, commodities, stocks and market indices through CFDs for trading.

 

FEES

 

FXGM as a STP broker provides tight variable spreads according to the market conditions, while actual cost is defined by the account type you are using.

Each account type, features price discount up to 25% for both spread and rollover fees, so you may benefit from better costs if your trading size increases.

A Rollover Fee is applied on any trading position left open overnight. The Rollover Fee is debited from the trading account at 00:00 GMT as follows:

       CFD Product: Rollover Fee

  • Currencies: 0.015% of the overnight exposure
  • Commodities: 0.015% of the overnight exposure
  • Indices: 0.015% of the overnight exposure
  • Shares: 0.015% of the overnight exposure
  • ETFs: 0.015% of the overnight exposure
  • Cryptocurrencies: 0.05% (Retail Clients)0.05% (Professional Clients)

 

Read the ForexTime Review here

 

DEPOSIT AND WITHDRAWAL

 

The variety of methods to deposit or withdraw funds include the most used options, so you will always find a way to transfer money conveniently. This includes Credit / Debit Cards, Wire Bank transfers, e-wallets, Skrill and PayPal.

Nevertheless, always make sure to check with the particular entity for the payment providers applicable fees and conditions, as they may vary.

The minimum deposit set by FXGM is $200 for the first-grade retail account type, while the next grade account will require bigger amounts.

It is considered a good amount for beginning traders, while with a slightly bigger amount you will get some extra discount on trading costs.

FXGM does not charge any fees for making the deposit, as well as withdrawals. However, depending on your country of residency and international policies some fees might be applicable and will be solely your responsibility.

 

TRADING PLATFORMS

 

FXGM gives you an opportunity to access the trading environment through the easy to use trading platform WebPROfit. It is an online-based platform that does not require installation.

There is also Mobile PROfit allowing to stay connected and updated on the go, just through your mobile.

 

WebPROfit

WebPROfit provides vast trading tools accompanied with the latest news, real-time charts and additional analysis tools. The software can be used for your trading strategy whether you are a beginning or professional trader.

The broker supports you with comprehensive learning materials, access to Trading Insider that brings you sentiment data, as well as Trading Central with its certified financial research materials.

The FXGM toolbar and software bring you all what is needed for a good deploy of the strategy, whatever style it is.

WebPROfit is compatible with all major browsers, including Chrome, Firefox and Internet Explorer.

With WebPROfit, trading is easy and comfortable:

  • Trade Forex, commodities and CFDs
  • No download required
  • Financial news streamed directly to the platform
  • Real time charts & analysis

 

Mobile PROfit

With Mobile PROfit you can trade anytime, anywhere using the free apps. You can enjoy the benefits of the WebPROfit platform directly on your mobile or tablet.

Trading with this application works in a similar manner to the web-based platform. You can receive live currency quotes, view graphs, edit your positions and even place trades.

The only difference is that you have access to WebPROfit from the convenience of your mobile phone and tablet.

With Mobile PROfit you can:

  • Real time pricing, charts and trading
  • Make trades fast and easy
  • Read the latest financial news

 

HOW TO OPEN AN ACCOUNT

 

The FXGM review process is fully digital, easy and fast. With the Live Account, Retail and Professional Clients can take advantage of all the tools, services and trading conditions that FXGM offers.

You can choose from the two trading platforms, Web PROfit and Mobile PROfit, invest in the most traded instruments and enjoy competitive pricing.

FXGM does not offer a demo account. Fill in the form on their webpage and they will contact you to discuss your best trading option.

 

CUSTOMER SUPPORT

 

Customers can contact the company via telephone, email, live chat or complete an assistance request form. Their operating hours are Mondays to Fridays from 07:00 – 16:00 GMT.

 

EDUCATION

 

FXGM’s Trading Academy on the website is very limited and contains little training materials. The training is limited to the glossary and a few web pages describing CFD, leverage, forex history and a few terms.

You can get free access to useful tools and resources to help you start trading.

 

RESEARCH

 

FXGM help you create your own strategies, based on the information it offers. You are given free access to important information about the Forex market through:

 

Economic Calendar

The economic calendar can help you get a better understanding of forex news and events. It informs you about the scheduled major economic events and government reports.

 

SMS services

You will be provided with trading signals sent directly to your mobile device. This free service keeps you informed about the market’s movements and give you more confidence when making decisions.

 

Market Review

You will receive a daily overview of the markets, as well as analysis of changes that take place. Based on this information, you can create your own trading strategy.

 

Currency Charts

Forex currency charts measure market sentiment and provide insight to the direction of the market. Using this free tool will help you to predict the market’s direction and trade with more confidence.

 

Autochartist

Autochartist is a technical analysis tool, which scans the markets and highlights opportunities. With the help of Autochartist, traders can filter big amounts of data and identify chart patterns, which helps them save time.

 

AWARDS

 

There is no indication on the FXGM’s website or the internet that the broker has received any awards since inception.

 

CONCLUSION

 

FXGM is a company that operates from its European entity based in Cyprus, as well as expanded offering through the South Africa branch.

What is important that the broker is regulated in each region it operates in, making its conditions transparent and reliable to you as an investor.

FXGM trading conditions is competitive and easy either for beginning traders or professionals. It’s diverse range of account types will give you extra benefits with bigger discounts if your trading account keeps growing, which promises you fruitful results.

Irrespective of your trading level, FXGM is ideal for your trading requirements.  It is a hassle –free broker to work with.

It caters to a varied clientele with its extensive offerings of trading assets. Also, as the trader is regulated and reputable you can safely rely on FXGM for your trading needs.

 

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DISCLAIMER

 

FXGM does not and cannot guarantee the initial capital of the Clients’ portfolio or its value at any time, or any money invested in any Financial Instrument.

The Client irrevocably acknowledges and accepts that regardless of any information which may be offered by FXGM, the value of any investment in a Financial Instrument may fluctuate downwards or upwards, and the investment may become of no value.

The trader should know that he runs a great risk of incurring losses and damages as a result of the purchase and/or sale of any Financial Instrument and is willing to undertake this risk.

The trader alone shall decide how to handle his Trading Account and place Orders and take relevant decisions based on his own judgement.

The trader should understand that market commentary, news and/or other information provided or made available by FXGM are subject to change and may be withdrawn at any time without notice.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Approximately 81% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money, According to research in South Africa.

 

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